Business: How to Find a Buyer for Your Annuity
Although an annuity is meant to provide steady income, particularly when you retire, there are circumstances when you might want to find a buyer for your annuity. Some people decide to sell their annuity in order to buy a home, invest in a business, or to cover a sudden emergency situation. 1. Is Your Annuity Transferable or a Structured Settlement? a. Determine if your annuity is transferable. If your annuity is not transferable, then you cannot sell it under any circumstances. (If you need to sell your annuity because you need immediate cash, the best you can do with a nontransferable annuity is list it as an asset or form of income and apply for a regular bank loan.) b. Determine if your annuity is a structured settlement. Most states have laws that protect people who want to sell their structured annuity. If your state has a Structured Settlement Protection Act, your transaction will have to be approved by a state ...